Poonawalla Fincorp stands out for its unorthodox approach. Here, success isn’t solely measured by the bottom line; it’s about cultivating a symbiotic relationship where employees thrive alongside the company. This people-centric philosophy, meticulously implemented, has yielded remarkable results – a loyal and high-performing workforce that propels the organisation forward.
2022 marked a pivotal year for Poonawalla Fincorp. The company embarked on a transformative journey, aiming to bridge the gap between ambitious organisational goals and employee aspirations. With a geographically dispersed workforce of 3,000, fostering a shared understanding of the company’s vision was paramount.
The Cornerstone of Trust
Transparency became the cornerstone of this transformation. Initiatives such as ‘My Branch My Pride’ and ‘Collaboration Meets’ fostered a culture of open communication and trust. Senior leaders were no longer distant figures; they were assigned accountability for specific branches, facilitating real-time problem-solving and strengthening relationships with employees on the ground. Regular collaboration meetings brought together key stakeholders from diverse functions, ensuring everyone was aligned on goals and collectively addressing challenges.
“We take pride in being an ESOP frontrunner, extending the opportunity even to junior team members. Our aim is to instil a sense of ownership and an entrepreneurial mindset at all levels.”
Smita Mitra, head-HR, Poonawalla Fincorp
To cultivate a culture of innovation and productivity, Poonawalla Fincorp implemented a two-pronged strategy. The LEAP program focused on targeted learning and development interventions to enhance employee skillsets. Underperforming employees were empowered, not ostracised. A pilot group participated in intensive workshops and mentoring, resulting in a significant uptick in performance. Additionally, data-driven capacity-planning exercises ensured the organisation had the right talent and resources aligned with evolving business needs.
Technology played a vital role as well. AMBER, an AI-powered employee engagement tool, facilitated a continuous feedback loop. Employees actively used the platform to voice concerns and provide suggestions. Business HR analysed this data to identify areas requiring targeted support, ensuring no issue went unnoticed.
Recognising and rewarding employee contributions was another crucial step. The company revamped its R&R framework to encompass all functions, not just sales teams. Branch-level awards, for instance, encouraged collective performance, leading to a surge in employee recognition. Engagement scores soared, consistently exceeding 85 per cent satisfaction – a testament to the impact of these initiatives.
Poonawalla Fincorp celebrates achievements beyond just numbers. Velocity, an annual event, whisks away top performers for a rejuvenating three-day trip. Quarterly and monthly celebrations mark milestones, recognising not just achievements but also tenure and retirements. Winners are lauded at both branch and corporate levels, with announcements across digital platforms to ensure widespread recognition. The company further invests in employee development by offering high performers the opportunity to pursue relevant courses, empowering them to constantly hone their skills. Regular town halls showcase employee achievements, with CXOs personally handing out awards, fostering a culture that thrives on appreciation and excellence.
Investing in growth: From within
Poonawalla Fincorp champions employee growth not just through external hiring but also by nurturing existing talent. Internal job postings (IJPs) on the company’s HRMS platform encourage employees to pursue career aspirations, be it a change in profile, location, or vertical/horizontal growth. A thorough evaluation process ensures a smooth transition and the right talent fit. This commitment to internal mobility has gained significant traction, with employees increasingly applying for IJPs. Poonawalla Fincorp is actively breaking away from a reliance on external talent acquisition, prioritising the growth and development of its existing workforce.
Poonawalla Fincorp’s commitment to employee centricity extends beyond career development. Pioneering initiatives such as Employee Stock Ownership Plans (ESOPs) empower employees at all levels to become stakeholders in the company’s success. While financial rewards are a tangible benefit, the broader objective is to cultivate an entrepreneurial spirit and a sense of ownership that permeates all levels of the organisation.
“We take pride in being an ESOP frontrunner, extending the opportunity even to junior team members,” says Smita Mitra, Head-HR, Poonawalla Fincorp. “Our aim is to instil a sense of ownership and an entrepreneurial mindset at all levels.”
A culture of well-being and passion
Poonawalla Fincorp’s commitment to employee centricity extends far beyond just career advancement and financial rewards. Recognising the importance of work-life balance, the company offers structured leave policies and flexible work arrangements. Rostering systems for credit operations and branch staff accommodate fluctuations in workload, ensuring employees can manage personal commitments without compromising on their professional obligations.
But well-being goes beyond structured policies. Poonawalla Fincorp actively encourages employees to pursue their passions outside of work. The company established a unique initiative called “Passion Meets Purpose Intervention.” This programme empowers employee-led interest groups or clubs to organise various activities catering to diverse interests. From social responsibility initiatives and art to dance, music, and sports, these clubs provide a platform for employees to unwind and connect with colleagues who share their passions.
With allocated budgets from a dedicated committee, employees can disconnect from work during designated slots and engage in activities they’re truly passionate about. “This initiative aims to provide a balanced work environment by giving employees opportunities to disconnect from work and engage in activities they are passionate about during designated slots,” emphasises Mitra.
By fostering a culture that prioritises not just professional success but also personal well-being and the pursuit of passions, Poonawalla Fincorp has created a truly employee-centric workplace. This holistic approach has demonstrably yielded positive results, fostering a loyal, motivated, and high-performing workforce. In a competitive industry, Poonawalla Fincorp’s commitment to its people stands out as a differentiator, attracting and retaining top talent while propelling the organisation towards continued success.
1 Comment
Fantastic and a refreshing take on employee centricity